The gold futures contract extended its uptrend on Tuesday, as it gained 1.46% following weakening U.S. dollar amid the Eurozone stimulus news. The market has broken above its recent trading range along the $1,800 price level. The financial markets have been going risk-on following series of better-than-expected economic data and quarterly corporate earnings releases. Last month gold broke above medium-term local highs in June, as we can see on the daily chart:
Gold is 0.8% higher this morning, as it is further extending the uptrend. What about the other precious metals? Silver rallied 6.76% on Tuesday and today it is gaining another 7.3%. Platinum gained 7.11% and today it is 1.1% higher. Palladium gained 3.74% and today it is gaining 1.2%. So precious metals are extending their uptrend this morning and silver remains particularly strong.
Last week’s Friday’s economic data releases have been mixed. On Monday and Tuesday we didn’t get any important economic data. However, the markets are reacting on the U.S. quarterly corporate earnings releases this week. Today we will get the Existing Home Sales number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, July 22
- 8:30 a.m. Canada – CPI m/m
- 9:00 a.m. U.S. – HPI m/m
- 10:00 a.m. U.S. – Existing Home Sales
- All Day, Japan – Bank Holiday
Thursday, July 23
- 8:30 a.m. U.S. – Unemployment Claims
- 10:00 a.m. U.S. – CB Leading Index m/m
- All Day, Japan – Bank Holiday
Thank you for reading today’s free analysis. We hope you enjoyed it. If so, we would like to invite you to sign up for our free gold newsletter. Once you sign up, you’ll also get 7-day no-obligation trial of all our premium gold services, including our Gold & Silver Trading Alerts. Sign up today!
For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
* * * * *
All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.